Standard Chartered Backed Crypto Platform Unveils Launch in Hong Kong

Zodia, the institutional cryptocurrency custody platform co-owned by British banking giant Standard Chartered, Japanese SBI Holdings, and financial firm Northern Trust, is expanding its services to Hong Kong. According to a CNBC report on Oct. 29, Zodia Custody is launching services in Hong Kong in response to the growing demand for crypto from institutions.

CEO Julian Sawyer stated that the crypto demand in Hong Kong is primarily driven by institutional investors, which aligns with Zodia’s crypto custody offering. He also mentioned that Hong Kong’s stance on crypto supports Zodia’s ambitions as the local government sees digital assets as the future and aims for Hong Kong to be a hub.

Zodia’s expansion into Hong Kong follows its aggressive scaling operations in Asia, with recent services launched in Japan, Singapore, and Australia. Sawyer emphasized that there is interest from clients and prospects outside of these markets, highlighting the institutional demand in the industry.

Initially, Zodia will offer support for a limited number of cryptocurrency assets in Hong Kong, gradually rolling out its services. The firm is reportedly in discussions with Hong Kong’s Securities and Futures Commission and Hong Kong Monetary Authority regarding regulation in the financial district.

Standard Chartered had initially announced plans to launch an institutional custodial platform for cryptocurrencies in late 2020, leading to the establishment of Zodia in 2021. In April 2023, Zodia successfully raised $36 million in a Series A funding round led by SBI Holdings. The platform currently supports 38 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USDC.

It is important to note that Zodia did not immediately respond to Cointelegraph’s request for comment.

– CNBC: [Link]
– Cointelegraph: [Link]

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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